Lets look at an analysis of the returns from gold, equities, some indices to look at the current trend. As can be seen from the table, GoldBEES (Gold ETF listed on the exchange) has been the worst performer looking at a year-to-date comparison of all asset classes. Nifty is more or less at the same level. However, FMCG sector index (CNX FMCG) has performed relatively better than other sectors. The returns from equity mutual funds (large cap) mirror more or less the trend in Nifty.
Stocks like HDFC and TCS with a better governance and business model have performed better than Reliance and Infosys. It may be noted that once these stocks, Infosys and Reliance, were considered a safe bet and ones that gave sure shot returns. The changing market dynamics have led to relative underperformance of these stocks too.